My husband is saving

[Zooshoveller]

I don't know where he got this idea, but I am loving it!

DH has started his own Christmas Savings Jar. In 52 weeks he will have $1378. (Christmas is in week 51, so really $1326) First week you put in $1, second week $2, third week $3...

Those dollars add up!

[KT27]

Both my husband and I are doing this as well. I saw it on Pinterest.

[gracie1]

That has been posted everywhere on the internet and facebook.

I thought about doing that, but I guess I technically do more since I round all my dollars up and also deduct $20 per pay out of my checking account and let it just sit in there.

[Marionnette]

Originally Posted by Zooshoveller

I don't know where he got this idea, but I am loving it!

DH has started his own Christmas Savings Jar. In 52 weeks he will have $1378. (Christmas is in week 51, so really $1326) First week you put in $1, second week $2, third week $3...

Those dollars add up!

I've seen this posted a number of times, too. Every time that I see it, I wonder if the people who are so excited about it are just mathematically challenged? Sure, it sounds easy to put $1 or $2 aside each week. Heck, most people can even do $20/week without missing it. It's the later part of the plan that gets difficult. You know...the last 3 months where you end up saving $170, $186, and $202 respectively. How easy is that going to be? Just how much would you have in your savings if you quit after 6 months? The answer is only $351! You have to save nearly $1000 in the last 6 months if you follow this plan!

I think that if you can find room in your budget to save $50+/week, then why not do it from the beginning? At least you would have a good start to your savings when you have the most enthusiasm for doing it. If you only make it to 6 months, you would have $1300 saved.

[Zooshoveller]

Originally Posted by Marionnette

I've seen this posted a number of times, too. Every time that I see it, I wonder if the people who are so excited about it are just mathematically challenged? Sure, it sounds easy to put $1 or $2 aside each week. Heck, most people can even do $20/week without missing it. It's the later part of the plan that gets difficult. You know...the last 3 months where you end up saving $170, $186, and $202 respectively. How easy is that going to be? Just how much would you have in your savings if you quit after 6 months? The answer is only $351! You have to save nearly $1000 in the last 6 months if you follow this plan!

I think that if you can find room in your budget to save $50+/week, then why not do it from the beginning? At least you would have a good start to your savings when you have the most enthusiasm for doing it. If you only make it to 6 months, you would have $1300 saved.

We have a regular savings account for emergencies, vacations, whatnot. This is something extra he wanted to do. I am very excited for him.

[4HppyCamprs]

Originally Posted by Zooshoveller

We have a regular savings account for emergencies, vacations, whatnot. This is something extra he wanted to do. I am very excited for him.

I think it sounds more fun than my automatic transfers to savings glad your hubby has found a fun way to save extra

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[gracie1]

Originally Posted by Zooshoveller

We have a regular savings account for emergencies, vacations, whatnot. This is something extra he wanted to do. I am very excited for him.

His christmas savings jar will definitely come in handy at christmas if he does this all year

[Marionnette]

Originally Posted by Zooshoveller

We have a regular savings account for emergencies, vacations, whatnot. This is something extra he wanted to do. I am very excited for him.

Well, that's great that you have regular savings accounts. But that doesn't change the fact that this savings method is inherently flawed for even the "extras". You seem to be very excited that your husband will have saved $1326 by the week before Christmas if he sticks with it. How excited will you be when those large deposits come out of your budget from Halloween until then?

I just hate to see someone, who is new to saving, set themselves up for failure. It takes less discipline to set up automatic savings deposits of $26.50 per week than it does to consciously increase your savings by $1 every week. By the time you lose your interest in saving, the automatic savings have taken hold and you aren't missing the money. When you have to increase the amount you set aside each week, you are constantly reminded of how much more you have to give up to meet your goal. At the end of one year, both methods end up with the same balance. But the guy he started out saving $26.50 per week is more likely to stick with it than the guy who has to figure out how he is going to come up with $45-$52 per week in the final months of the year.

[Elleshoodat]

Originally Posted by Marionnette

I've seen this posted a number of times, too. Every time that I see it, I wonder if the people who are so excited about it are just mathematically challenged? Sure, it sounds easy to put $1 or $2 aside each week. Heck, most people can even do $20/week without missing it. It's the later part of the plan that gets difficult. You know...the last 3 months where you end up saving $170, $186, and $202 respectively. How easy is that going to be? Just how much would you have in your savings if you quit after 6 months? The answer is only $351! You have to save nearly $1000 in the last 6 months if you follow this plan!

I think that if you can find room in your budget to save $50+/week, then why not do it from the beginning? At least you would have a good start to your savings when you have the most enthusiasm for doing it. If you only make it to 6 months, you would have $1300 saved.

This is why I don't use that savings plan. I need more balance to my budget.

But OP, if your husband is happy and you're happy, great. Every little bit helps.

[MickeyManiac]

Originally Posted by Marionnette

I've seen this posted a number of times, too. Every time that I see it, I wonder if the people who are so excited about it are just mathematically challenged? Sure, it sounds easy to put $1 or $2 aside each week. Heck, most people can even do $20/week without missing it. It's the later part of the plan that gets difficult. You know...the last 3 months where you end up saving $170, $186, and $202 respectively. How easy is that going to be? Just how much would you have in your savings if you quit after 6 months? The answer is only $351! You have to save nearly $1000 in the last 6 months if you follow this plan!

I think that if you can find room in your budget to save $50+/week, then why not do it from the beginning? At least you would have a good start to your savings when you have the most enthusiasm for doing it. If you only make it to 6 months, you would have $1300 saved.

I chose to do this backwards. My biggest deposits were in January and by December I will only have to save $15 for the entire month.

I'm doing this savings plan in addition to my regular savings plan. I've made it into a game to see if I can cut junk spending out in the amount of the weeks deposit.

I say ANYTHING that can gives someone extra initative to save more is a great plan.

[keri125]

Originally Posted by MickeyManiac

I chose to do this backwards. My biggest deposits were in January and by December I will only have to save $15 for the entire month.

I'm doing this savings plan in addition to my regular savings plan. I've made it into a game to see if I can cut junk spending out in the amount of the weeks deposit.

I say ANYTHING that can gives someone extra initative to save more is a great plan.

This is the suggestion I've heard too, that you get the bigger parts out of the way while you're still enthusiastic and excited about the plan. Then as the enthusiasm starts to peter out you are only having to save a minimal amount. I like the plan - haven't done it, but it sounds great!

To the OP - I agree, it's great when your significant other steps in to help out on their own, no matter how it's done!!

[4HppyCamprs]

Originally Posted by MickeyManiac

I chose to do this backwards. My biggest deposits were in January and by December I will only have to save $15 for the entire month.

I'm doing this savings plan in addition to my regular savings plan. I've made it into a game to see if I can cut junk spending out in the amount of the weeks deposit.

I say ANYTHING that can gives someone extra initative to save more is a great plan.

I like the idea of getting the big chunk out of the way in the first few months. Great idea!

Some people are just so so negative about everything they do not see value in personally. It is okay to keep some of that negativity in and not post.

I am sure that the majority of people know how I save the regular old way. It is not that much fun and extra savings for whatever comes in handy. If you quit halfway through you still saved more than if you did nothing at all.

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[dadddio]

Originally Posted by Marionnette

I've seen this posted a number of times, too. Every time that I see it, I wonder if the people who are so excited about it are just mathematically challenged? Sure, it sounds easy to put $1 or $2 aside each week. Heck, most people can even do $20/week without missing it. It's the later part of the plan that gets difficult. You know...the last 3 months where you end up saving $170, $186, and $202 respectively. How easy is that going to be? Just how much would you have in your savings if you quit after 6 months? The answer is only $351! You have to save nearly $1000 in the last 6 months if you follow this plan!

I think that if you can find room in your budget to save $50+/week, then why not do it from the beginning? At least you would have a good start to your savings when you have the most enthusiasm for doing it. If you only make it to 6 months, you would have $1300 saved.

the easy answer is that people don't have the self-control to just start saving fifty bucks a week and keep it up. Anybody can save a dollar, however. From there, it's easy to save two dollars. Each successive week, they scrimp a tiny bit more and save a bit more. By the time those last couple weeks of the year roll around, perhaps they've stopped hitting Starbucks on the way to work or are brown bagging it for lunch.

[Zooshoveller]

Hmm... He's not a social network kind of guy, but he does peruse my Pinterest for ideas and recipes... LOL

I don't care where the idea came from, just loving the active role he has taken! Usually I'm the one who budgets for vacations and holidays. "Honey we need $XXXX for Disney" and he just adjusts the automatic draft for our savings account.

[DawnM]

I would much rather save $115 per month in an ING account. Automatic deposit, I don't see it in my bank account, and won't miss it.